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Stocks hit one-month high early on coal industry reform
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China’s key stock index rose to a one-month high this morning as coal companies advanced after the government said it will accelerate reform of the industry.
The Shanghai Composite Index rose 1.29 percent to 2,229.38 points by noon break. The index added 0.82 percent yesterday, the first gain in five days.
China plans to curb disorderly growth of coal production and impose differentiating tariffs to encourage the importation of high-quality coal, according to a proposal by the State Council, China’s cabinet, published today. Major coal miners gained on speculation reduced supply may boost prices.
China Shenhua Energy Co, the nation’s biggest coal producer, rose 1.96 percent to 17.13 yuan (US$2.81). Anyuan Coal Industry Group Co jumped 10 percent to 5.03 yuan while Yanzhou Coal Mining Co soared 4.25 percent to 10.55 yuan.
Nonferrous metals producers were also strong, with Yunnan Chihong Zinc & Germanium Co up 7.46 percent to 10.23 yuan.
Shanghai-based Bright Dairy & Food Co gained 5.47 percent to 22.57 yuan after its state-owned parent replaced its chairman, Wang Zongnan, due to health reasons.
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